RISR, a wealth tech provider focused on helping advisors engage with business owners, is officially on the rise as it forges a key partnership.
The fintech firm revealed its alliance with Journey Strategic Wealth, a nationwide advisory firm. This collaboration aims to bolster Journey's mission of supporting advisors in driving organic growth, specifically with business owner clients.
Journey Strategic Wealth has emphasized organic growth over the past year by handling all operations for its advisors, offering coaching on revenue generation, and providing necessary tools to serve clients comprehensively.
Through the partnership with RISR, Journey said it’s boosting its advisors’ capabilities to offer holistic insights into their clients' businesses.
"We saw an opportunity for our advisors to better understand an underserved market,” Penny Phillips, president and co-founder of Journey Strategic Wealth, said in a statement Tuesday. “Through this partnership, our advisors are able to thoroughly communicate with business owner clients and feel confident about the advice they’re giving."
Through the integration with the RISR platform, Journey advisors can extract business data from QuickBooks or tax documents, which they can leverage to give clients insights on business valuation, growth opportunities, and risk management.
Phillips also highlighted the RISR platform’s potential to fuel Journey advisors’ prospecting activities as they demonstrate a differentiated service.
"Advisors throughout the industry are simply not doing this type of work with their clients,” Clients and prospects alike are blown away by what RISR teaches them about their own business, and this is a way to truly validate value proposition within a specific niche.”
RISR’s partnership comes as a significant portion of private business owners go past their 50th birthdays and face potential retirement or business exits. Recent research by Edward Jones found that one third of business owners don’t have a succession plan.
“Journey advisors are ahead of the game, bucking a trend that has affected the industry for too long,” said Jason Early, founder and chief executive officer of RISR.
The team-up between RISR and Journey builds on other recent wins for the fintech firm, including a $1.5 million capital raise in June and two strategic hires, namely Alex Michaels as head of product and Megan Cochran as a software engineer.
With RISR’s platform, Michaels said advisors will be able to address a critical issue head-on.
“Clients typically switch financial advisors due to a lack of personalized attention,” said Michaels. “With access to key data and insights the business owner cares about, advisors can unlock new opportunities to deepen their relationships with this sizable cohort.”
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
